Jeweler's Row Sees Fewer Gold Sales, More Diamonds

PHILADELPHIA (CBS) - Considering the cost of gold these days, it stands to reason that less people would be purchasing gold jewelry.

The Grinch was one to steal all the gold and keep it for himself, but have this year's gold prices given jewelry buyers pause?

Matthrew Monaco, the manager of Nick Balestra Jewelers says, "To a certain degree. Certain people want gold, and once you quote them a price, they are in a little bit of shock."

Across the street at Barsky Jewelers, Jeffrey Barsky (pictured in photo above) says they are selling a lot of diamonds too,

"In our view we are selling more diamonds instead of heavy gold pieces...because of the price of gold. It makes it more affordable to buy a pair of diamond earrings or a diamond pendant."

Barsky says his customers are a lot more optimistic about life in general this year than last...and business is brisk.

Reported by Michelle Durham, KYW Newsradio